HVAC Breaking News

Aug. 15, 2013: Watts Water Technologies Completes Sale of Watts Insulation

Watts Insulation Did Not Meet Performance Expectations

August 15, 2013
NORTH ANDOVER, Mass. — Watts Water Technologies Inc. announced that it has completed the sale of all of the outstanding shares of Watts Insulation GmbH, an indirect wholly-owned subsidiary of the company formerly known as Austroflex. The company received proceeds from the sale of approximately $9 million.

Watts Insulation is an Austrian-based manufacturer of pre-insulated flexible pipe systems for district heating, solar applications, and under-floor radiant heating systems. Watts Insulation did not meet performance expectations since its purchase approximately three years ago. The estimated loss on disposal of the business is approximately $2 million. Watts Insulation’s results of operations will be presented as discontinued operations.

Watts Water Technologies, through its subsidiaries, is a leader in the manufacture of products to control the efficiency, safety, and quality of water within residential, commercial, and institutional applications. For more information, visit www.wattswater.com.

Publication date: 8/12/2013

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